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REGISTERED NUMBER: SC442864 (Scotland)



















JP FOODS (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2023






JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JP FOODS (SCOTLAND) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Jonathan Ho Tien Leung
Enrico Romano Caira





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC442864 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 272,313 113,875

CURRENT ASSETS
Stocks 517,942 395,429
Debtors 5 1,582,039 1,776,627
Cash at bank and in hand 518,696 520,362
2,618,677 2,692,418
CREDITORS
Amounts falling due within one year 6 1,382,609 1,632,626
NET CURRENT ASSETS 1,236,068 1,059,792
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,508,381

1,173,667

CREDITORS
Amounts falling due after more than one
year

7

(147,491

)

(111,316

)

PROVISIONS FOR LIABILITIES (68,078 ) (28,469 )
NET ASSETS 1,292,812 1,033,882

CAPITAL AND RESERVES
Called up share capital 1,300 1,300
Retained earnings 1,291,512 1,032,582
SHAREHOLDERS' FUNDS 1,292,812 1,033,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:





Jonathan Ho Tien Leung - Director


JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

JP Foods (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of Value Added Tax. A sale is recognised at the point where goods are delivered to the customer.

Tangible fixed assets
Depreciation has been provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment and Fittings - 15% on cost
Motor Vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and the risks of the ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised in the balance sheet and depreciated over their useful economic lives. Minimum lease payments are apportioned between the interest charge and the reduction of the outstanding liability using the effective interest method. The related obligations are included in creditors.

Employee benefits and pension costs
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 28 ) .

JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


4. TANGIBLE FIXED ASSETS
Equipment
and Motor
Fittings vehicles Totals
£    £    £   
COST
At 1 June 2022 108,264 201,721 309,985
Additions 59,925 167,299 227,224
Disposals (28,013 ) - (28,013 )
At 31 May 2023 140,176 369,020 509,196
DEPRECIATION
At 1 June 2022 57,459 138,651 196,110
Charge for year 16,131 47,792 63,923
Eliminated on disposal (23,150 ) - (23,150 )
At 31 May 2023 50,440 186,443 236,883
NET BOOK VALUE
At 31 May 2023 89,736 182,577 272,313
At 31 May 2022 50,805 63,070 113,875

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Equipment
and Motor
Fittings vehicles Totals
£    £    £   
COST
At 1 June 2022 - 19,260 19,260
Additions 18,000 167,299 185,299
Reclassification/transfer - (19,260 ) (19,260 )
At 31 May 2023 18,000 167,299 185,299
DEPRECIATION
At 1 June 2022 - 10,192 10,192
Charge for year 1,679 18,053 19,732
Reclassification/transfer - (14,044 ) (14,044 )
At 31 May 2023 1,679 14,201 15,880
NET BOOK VALUE
At 31 May 2023 16,321 153,098 169,419
At 31 May 2022 - 9,068 9,068

JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 916,542 1,003,816
Other debtors 140,000 140,000
Loan to related company 239,320 357,329
Shareholder's loan 61,550 60,319
Directors' current accounts 110,447 104,337
Tax recoverable 71,068 67,907
VAT 18,067 8,892
Prepayments and accrued income 25,045 34,027
1,582,039 1,776,627

The loan to related company is interest free and repayable on demand.

The loan to director and shareholder's loan are repayable on demand and interest is charged at a rate of 2% to 05/04/2023 then 2.25% onwards.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 70,000 70,000
Hire purchase contracts (see note 8) 42,328 2,040
Trade creditors 1,159,966 1,525,461
Corporation Tax 54,353 19,916
Social security and other taxes 1,351 3,358
Related company loan 43,110 -
Accrued expenses 11,501 11,851
1,382,609 1,632,626

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 6,995 70,000
Bank loans - 2-5 years - 41,316
Hire purchase contracts (see note 8) 140,496 -
147,491 111,316

JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 42,328 2,040
Between one and five years 140,496 -
182,824 2,040

Non-cancellable operating leases
2023 2022
£    £   
Within one year 160,398 160,000
Between one and five years 800,000 800,000
In more than five years 1,920,000 2,080,000
2,880,398 3,040,000

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Jonathan Ho Tien Leung
Balance outstanding at start of year 104,337 94,971
Amounts advanced 6,110 17,095
Amounts repaid - (7,729 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 110,447 104,337

Yuk Sang Leung
Balance outstanding at start of year - 113,975
Amounts advanced - 1,191
Amounts repaid - (115,166 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

JP FOODS (SCOTLAND) LIMITED (REGISTERED NUMBER: SC442864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. RELATED PARTY DISCLOSURES

The directors' loan balance due from a director at the year end amounted to £110,447 (2022: £104,337).

The shareholder's loan balance due from the former director at the year end was £61,550 (2022: £60,319).